BTC rebounded from $91,000, and the market's bullish sentiment is gradually warming up, but altcoins are still collectively bearish.

【Blockchain Rhythm】 Recently, this wave of correction has been quite fierce. BTC once dropped below $91,000, causing many to feel anxious. However, looking at the funding rates, the situation has improved—data from mainstream exchanges and DEXs show that the bearish sentiment for leading tokens like BTC, ETH, and SOL has significantly eased, with rates returning to neutral levels. This indicates that market sentiment is no longer so extreme.

But here’s an interesting phenomenon: although the bearish trend for major tokens has subsided, altcoins are still collectively being viewed with skepticism. Funding rate data clearly reflects this—while the situation for mainstream tokens has improved considerably, the short-selling power for small-cap tokens remains strong.

By the way, let me explain what funding rates are. In perpetual contract trading, exchanges transfer funds between long and short traders to keep the contract price aligned with the spot price—that’s the funding rate. Note that this fee is not kept by the exchange but flows between traders, used to balance market supply and demand.

A simple standard for judgment: a funding rate of 0.01% is the baseline; exceeding 0.01% indicates a generally bullish market, with weak bearish sentiment; if it drops below 0.005%, then bearish sentiment dominates. Currently, the funding rates for mainstream tokens have returned to neutral zones, while altcoins’ rates are still lingering in the bearish camp.